Predictive raises exploration funds
PERTH (miningweekly.com) – Junior Predictive Discovery will raise up to A$9-million through a share placement and non-renounceable entitlement offer to fund exploration work at its Kaninko gold project, in Guinea.
The ASX-listed company said that it would raise an initial A$6.9-million through a conditional share placement to institutional and sophisticated investors, with up to 138-million shares to be placed at a price of 5c each.
The placement is subject to shareholder approval at a meeting scheduled for June 10.
The company will also undertake an entitlement issue, under which shareholders will be allowed to subscribe for one new fully paid ordinary share for every 15 shares held, also at a price of 5c each. Some 42.1-million new shares will be offered up to existing shareholders, to raise an additional A$2.1-million.
“This fundraising is a transformational step-change for Predictive, setting us up for the largest drilling programme in the company’s history, and putting us on a pathway towards a targeted maiden resource estimate at Kaninko by mid-2021,” said MD Paul Roberts.
“Our first round of shallow drilling at north-east Bankan has uncovered a new, very wide, shallow gold discovery in the prolific Siguiri basin, with thick intersections and some excellent grades, starting almost at surface, and open in all directions, all of which points to the potential for Kaninko to evolve into a future large, high margin gold mining opportunity.”
The exploration programme planned for the north-east Bankan discovery will include 25 000 m of reverse circulation drilling, 5 000 m of diamond drilling and 20 000 m of auger drilling.
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